As the name suggests, cryogenic storage tanks are vacuum bottles used to store refrigerants with boiling points below room temperature (such as liquid helium or liquid nitrogen). These storage dewars (named after James Dewars) come in several shapes, such as flasks with loose fittings, open barrels or special pressurized tanks. They are designed to keep heat away from the liquid contained in the inner container. With the aid of an evaporator, for example in the case of liquid nitrogen, the liquid is converted into a gaseous state. The pressure control manifold controls the pressure at which gas is supplied to the process.
Refrigerants have many potential safety hazards. Therefore, the design of storage containers should minimize the related risks. For example, these containers are well covered by API Standard 653 (2014). The demand for LNG, nitrogen, oxygen, argon and other cryogenic gases in the end-use industries (food, pharmaceuticals, metal processing and many other industries) is increasing, and the demand for cryogenic storage tanks is soaring, which is expected to continue during the forecast period .
The increasing demand for cryogenic temperatures in industrial, mining and chemical plants has stimulated the demand for cryogenic storage tanks. In addition, the increasing demand for carbon dioxide and liquid nitrogen in the transportation of frozen food is driving the demand for the cryogenic storage tank market. Similarly, in Japan, Oman, China, Qatar and many other countries, the demand for LNG is also growing, which supports the demand for the cryogenic storage tank market. However, the high cost of these systems will hinder the growth of the cryogenic storage tank market.
In 1954, steel competed with stainless steel, other austenitic alloys and aluminum for LNG storage. In fact, stainless steel was used or smaller tanks were built. However, due to cost considerations, large containment vessels are usually welded with 9% nickel steel. On a global scale, this technology has been accepted all over the world, and improvements in design will enable manufacturers to increase sales. Moreover, the rapid industrialization and expansion of the range of these products in the healthcare, food and beverage and refrigeration industries will provide opportunities for manufacturers. Cooperation, mergers and acquisitions and backward integration will help companies/manufacturers expand market share and better reach customers. In addition, the company continues to participate in expanding its product portfolio and providing services to customers.
During the forecast period, the Asia-Pacific region may dominate the global demand for cryogenic storage tanks. This can be attributed to the fact that large-scale development of LNG infrastructure, especially in Japan, India and Indonesia, will support the demand for cryogenic storage tanks. Due to increased demand from end-use industries (such as food and pharmaceuticals), Europe and North America will also be prominent regions during the forecast period. Due to the decline in population and industry, the market share of Latin America and the Middle East and Africa (MEA) will be less than 15%.